Northeast

Market Basket Supermarket Will Anchor 306,000 SF Mixed-Use Development in Maynard, Massachusetts

by Alex Patton September 17, 2019

MAYNARD, MASS. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior independent living community on the site called Camellia Gardens Gracious Retirement Living. General contractor JBJ Construction expects to complete this project by 2020.

September 17, 2019

Development Mixed-Use New Hampshire Northeast

Brady Sullivan Redeveloping 112,000 SF Mixed-Use Project in Keene, New Hampshire

by Alex Patton September 17, 2019

KEENE, N.H. — Brady Sullivan Properties is redeveloping the Colony Mill Marketplace, an existing 112,000-square-foot mixed-use project in Keene, located about 50 miles southwest of Concord. Construction of 89 apartments is slated for completion by the end of fall 2019, and the property already encompasses Elm City Brewing Co., Keene Casino and NBT Bank. The mill was originally built in the mid-1700s and was traded and redeveloped numerous times before it reopened as Colony Mill Marketplace in 1983.

September 17, 2019

Acquisitions Connecticut Northeast Retail

Cushman & Wakefield Brokers Sale of 179,000 SF Office Property in Stamford, Connecticut

by Alex Patton September 17, 2019

STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Soundview Plaza, a 179,000-square-foot office property in Stamford, a northeastern suburb of New York City. At the time of sale, the property was 88 percent leased to 15 tenants. Amenities include a cafeteria, fitness center and conference center. A Cushman & Wakefield team including Gary Gabriel, David Bernhaut, Andy Merin, Brian Whitmer, Frank DiTommaso II, Al Mirin, Matt Torrance and Kate Schwartz represented the undisclosed seller and procured the buyer, an affiliate of TL Holdings.

September 17, 2019

Leasing Activity New York Northeast Office

Knotel Signs 27,000 SF Office Lease in Manhattan

by Alex Patton September 17, 2019

NEW YORK CITY — Knotel, a New York-based flexible workspace provider, has signed a 27,000-square-foot lease at 240 West 35th Street, a 165,000-square-foot class A office building in Manhattan. The space will comprise the entire 7th, 8th and 18th floors of the property. Essential Design + Build will renovate the space with both open offices and closed meeting rooms. Knotel plans to move into the space in fall 2019. Colin Godwin and John Cinosky of Atco Brokerage Services represented the landlord, ATCO Properties & Management internally in the lease negotiations. Douglas Regal, Jamie Katcher and Sebastian Infante of Cushman & Wakefield represented Knotel.

September 17, 2019

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $7M Freddie Mac Loan to Refinance Multifamily Property in Chicopee, Massachusetts

by Alex Patton September 17, 2019

CHICOPEE, MASS. — NorthMarq has arranged a $7 million Freddie Mac loan to refinance Montcalm Heights Apartments, a 192-unit multifamily property in Chicopee, located approximately 35 miles north of Hartford. The permanent fixed-rate loan was provided on a 10-year term with a 30-year amortization schedule. The property comprises two four-story buildings with studio, one- and two-bedroom apartments. Amenities include a pool, laundry facilities, picnic area and tenant storage units. Robert Ranieri of NorthMarq arranged the loan for a Freddie Mac borrower.

September 17, 2019

Development Mixed-Use New York Northeast

Charney, Tavros Near Completion of 350,000 SF Mixed-Use Tower in Brooklyn

by Alex Patton September 16, 2019

NEW YORK CITY — A partnership between Charney Construction & Development and Tavros Holdings is nearing completion of The Dime, a 350,000-square-foot mixed-use project in Brooklyn. The tower incorporates the Dime Savings Bank building, originally constructed in 1908, into a mixed-use development featuring 177 residential units, more than 100,000 square feet of office space and 50,000 square feet of ground-floor retail space. Amenities include an acre of outdoor space, a basketball court and a 10,000-square-foot rock climbing gym recently leased by MetroRock. Fogarty Finger is the architect of the project.

September 16, 2019

Acquisitions Industrial New York Northeast

Seagis Acquires Two Industrial Properties Totaling 101,000 SF in New York City

by Alex Patton September 16, 2019

NEW YORK CITY — Seagis Property Group has acquired two industrial properties totaling 101,000 square feet in New York City. The first property, a 75,000-square-foot warehouse in Queens, features 25-foot ceiling heights and 19 exterior loading docks and has been re-tenanted. The second property, a 26,000-square-foot warehouse, features a 5,000-square-foot secured yard and is fully occupied. The sellers and sales prices were undisclosed.

September 16, 2019

Acquisitions Healthcare New Jersey Northeast Office

Atlantic Health System Buys Medical Office in Rockaway, New Jersey, for $26M

by Alex Patton September 16, 2019

ROCKAWAY, N.J. — Atlantic Health System has purchased Morristown Medical Center Health Pavilion, a 92,326-square-foot medical office building in Rockaway, located approximately 35 miles west of New York City, for $26 million. The building opened in 2016, and the Atlantic Health System was the sole occupant at the time of sale. JLL’s Jose Cruz and Ben Appel represented the seller in the transaction.

September 16, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Knapp Group Brokers $7.5M Sale of Two Seniors Housing Communities in Irwin, Pennsylvania

by Alex Patton September 16, 2019

IRWIN, PA. — The Knapp Group, a division of Marcus & Millichap, has brokered the $7.5 million sale of two seniors housing properties in Irwin, located approximately 20 miles southeast of Pittsburgh. Combined, the communities comprise 95 units of independent living and assisted living. One of the properties was built in 1999 and the other in 1959. The names of the facilities were not disclosed. The seller was a physician within the community looking to retire from the seniors housing business. A local owner-operator acquired the communities for $7.5 million. Joseph Knapp of the Knapp group represented the seller.

September 16, 2019

Acquisitions Civic New Jersey Northeast

CBRE Arranges $8.3M Sale of Nine Civic Properties in New Jersey

by Alex Patton September 16, 2019

NEW JERSEY — CBRE has arranged the $8.27 million sale of nine civic properties from the Youth Consultation Services (YCS) portfolio in New Jersey. The properties comprise a mix of youth centers and schools located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood. Three different buyers purchased the assets, one of whom bought seven buildings as part of a sale-leaseback with YCS. The two other buyers purchased buildings that had been recently vacated by YCS. CBRE’s Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services, represented the seller in the transaction.

September 16, 2019

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